Thanks to AFR for the following profile:

Partner Remuneration Survey

Performance-based, full equity partnership.

Partner Pay 2008/09

The top partners are said to draw $1,900,000.00 after bonuses are distributed, while most 120-point partners receive between $1,400,000.00 and $1,500,000.00. Entry-level partners receive $380,000.00.

Pay

Estimated Profit Margin = 41%

Estimated Profit = $202,000,000.00

steady revenue this year

Estimated Profit Per Lawyer = $260,000.00

Estimated Profit Per Equity Partner = $980,000.00

Revenue

Revenue 2008/09 = $493,000,000.00

Revenue Change = 0%

Revenue Per Lawyer = $630,000.00

Revenue Per Partner = $2,390,000.00

Revenue Per Equity Partner = $2,390,000.00

The Verdict

Freehills is working on the Myer float, announced last week, and Freehills chief executive Gavin Bell says more capital raisings are pending. He says Freehills has avoided a redundancy program after allowing headcount to fall as a result of natural attrition, following a cost review two years ago, which also stripped other expenses from the business.

Comment

Revenue has been flat for two years, allowing Clayton Utz and Minter Ellison to close the gap and forcing Freehills’ management to look to China for growth; last week, it announced an alliance with China-based TransAsia Lawyers to boost inbound investment briefs. While Freehills has lost several high-profile lawyers over the past year, the quality and depth of the partnership is rivalled only by Mallesons Steohen Jaques.

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